FX.co ★ Norway Trade Surplus Hits Three-Year High

Norway’s trade surplus surged to NOK 100.4 billion in August 2026, up from NOK 59.3 billion in the same month a year earlier. This was the largest surplus since January 2023, underpinned by a 32.9% year-on-year increase in exports to NOK 191.0 billion. Export growth was driven primarily by higher shipments of food and live animals (+11.2%); fuels, lubricating oils, and electric power (+51.9%); animal and vegetable oils, fats, and waxes (+20.5%); and processed goods, mainly classified by material (+14.0%).

Imports also rose, though at a much slower pace, increasing 7.3% to NOK 90.6 billion. The rise was supported by higher purchases of non-edible raw materials, excluding fuels (+36.5%); fuels, lubricating oils, and electric power (+68.6%); machinery and transport equipment (+2.7%); and various manufactured goods (+0.7%).

Over the January–August period, Norway recorded a cumulative trade surplus of NOK 608.9 billion, up 24.4% from NOK 489.6 billion a year earlier. The improvement reflected export growth of 11.7%, which significantly outpaced the 3.1% increase in imports.